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Part Three: Common Biases and Errors Tha... > Who You Gonna Blame? The Self-Servin...

Chapter Twenty-Five. Who You Gonna Blame? The Self-Serving Bias

The man who can smile when things go wrong has thought of someone he can blame it on.

Anonymous

In May 1999, Maria Walker’s husband died of a brain tumor. He left her with a home that was paid for and about $350,000. Only 33 years old at the time, Maria knew she would need this money to sustain her lifestyle in the years to come. And uncertain how to invest, she turned the money over to a long-time friend of her late husband, Brion Randall, who was a broker with Merrill Lynch.[1] As a friend, Maria trusted Brion to invest her money well.


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